Do you spend time learning about, measuring and managing your money? Or do you (like most people) avoid it, because financial speak sounds like a foreign language to you? When it comes to money, the average time people estimate they spend on personal finances is one hour and 12 minutes a month.
And so, it isn’t surprising that, according to the National Treasury, 94% of people won’t get to living a retirement of an even similar standard. Most people find out too late how far short they are from their goal, and consequently will have to drastically reduce the quality of their lives, or face a difficult conversation with their children (who will have to support them rather than save for their own retirement).
This is easily fixable.
So put aside the notion that you’ll never understand money and listen to this episode for what you can do NOW to step change your finances.
- [01.35] An eye-opening article in The Ascent ranked the attributes that best fit peoples definitions of success. Understandably, people feel happier and more confident when their finances are in order. The stats though reveal the discrepancy between the importance of it, and the effort put into learning about, measuring, and managing money.
- [03.25] Succeeding in money is no different from work or health or sports.
- [06.56] The challenge is, as Peter Drucker says “What Gets Measured Gets Managed.”
- [07.36] When something is important to you, you do the work. And the work starts with spending time understanding, tracking, measuring, and managing your money.
- [09.45] Three things you can do to step change your money
- Commit to spending one hour per week on your money
- Find someone to learn from.
- Spend 15 minutes on your money each week.
Something else you can do is sign up for my free 6 Day Money Sprint. Each day for 6 days you’ll receive a training video – no longer than 10 minutes, and something to think about or do that will kick start you into sorting out your money and moving towards financial freedom.
Related posts and episodes
- Do you deserve to retire well?
- Empowerment through financial literacy with Gugu Sidaki.
- Aging parents: dealing with the financial and emotional challenges.
- The human way to manage your monthly expenses.
- Two ways to manage unexpected expenses.
Quotes from this episode
“Most people find out too late how far short they are of their goal. Too late to change the path, too late to make better decisions, too late to take small steps to reach their goals forcing them to make drastic changes to their lives.” – Lisa Linfield
“If there is something you want to achieve, you need to focus on it.” – Lisa Linfield
“We don’t spend the time to work out how to make our pennies or cents stretch further.” – Lisa Linfield